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ATLANTIC CITY -Marc Lasry is now the chairman of Trump
Entertainment Resorts, Inc.

Lasry and other members of the hedge fund Avenue Capital Group
were granted interim approval to run the casinos last July but
Wednesday's New Jersey Casino Control Commission approval made the
change official.

Now, the company that has about a 22 percent stronghold on Trump
stock also has official leadership of the three Trump casinos:
Trump Marina Hotel Casino, Trump Plaza Hotel and Casino and Trump
Taj Mahal Casino Resort.

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Despite the change, the Trump name will remain prominent in the
Atlantic City skyline. The company offered Donald Trump as much as
10 percent ownership of the company for the continued use of his
name.

Robert Symington and David Licht, senior portfolio manager and
senior vice president, respectively, of Avenue Capital Management
II, L.P., were approved to serve on the board of directors for
Trump Entertainment.

Symington told commission members during their regular meeting
Wednesday Trump Entertainment has already seen several significant
changes since the initial leadership change was approved last
July.

Once the change was made, several Trump executives "elected to
leave" the company and had to be replaced, he said. Second, Trump
Marina was sold to Landry's Inc. The casino - which sold for $38
million - will be rebranded as the Golden Nugget and the sale is
expected to be approved at the commission's next meeting May
25.

Proceeds from the casino sale, about $30 million, will help
reduce the overall outstanding debt Trump Entertainment has. Chief
Executive Officer Robert Griffin said that debt is currently about
$332 million.

During the hearing, Symington said Avenue Capital Group
officials understand that the current economic outlook is not good
for Atlantic City's gaming revenue, but they were optimistic about
a revenue upswing.

Last year Trump Marina was the weakest
performer of the three Trump casinos, ending 2010 about $8.3
million in debt, the New Jersey Division of Gaming Enforcement
reported Monday. The Taj Mahal posted a $50.7 million operating
profit, a 40 percent drop from 2009. And Trump Plaza lost $5.5
million in profits, ending the year with a $2.4 million loss.

Overall, Atlantic City casino profits were down about 27 percent
from 2009.

Griffin said the new Trump Entertainment officials already made
improvements to both the Taj Mahal and Trump Plaza since taking
over last year, but there is still a lot of work to do. He said
more than 200 new slot machines were installed at Trump Plaza and
about 400 were added to the Taj Mahal. However, more improvements,
including facade work to the Taj Mahal and undisclosed renovations
at Trump Plaza, are planned.

Griffin said Atlantic City is facing "a lot of challenges," but
Avenue Capital Group officials also see a lot of promise in the
city.

Revel Entertainment Group is expected to open its new casino in
the summer of 2012. Trump Entertainment welcomes the challenge,
Griffin said.

"I think for our company it's positive," Griffin said, adding
the new site will attract new clientele to the city and will "put
pressure" on Trump Plaza. "I think it will help the Taj Mahal."

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